Pricing Supplement No. 5                        Filed Pursuant to Rule 424(b)(3)
dated April 22, 2003                  Registration Nos. 333-89202, 333-89202-01,
(To Prospectus dated                               333-89202-02 and 333-89202-03
August 9, 2002 and
Prospectus Supplement dated
September 10, 2002)



                              ZIONS BANCORPORATION
                       Senior Medium-Term Notes, Series A
                                   -----------

         This Pricing Supplement accompanies and supplements the Prospectus
dated August 9, 2002 as supplemented by the Prospectus Supplement dated
September 10, 2002. The notes have the terms set forth below and elsewhere in
this Pricing Supplement.


Principal Amount: Up to $65,000,000. See       Initial Settlement
                  "Other Provisions" below.    Date: April 24, 2003

Interest Rate: Three-month LIBOR               Issue Price:  99.90%
               plus 50 basis points.

Underwriting Discount:  0.10%                  Net Proceeds to Zions:  99.80%


Agent acting in the capacity as:  [ ]  Agent   [X]  Principal
      If as Principal:

         [ ] The Notes are being offered at varying  prices related to
             prevailing market prices at the time of resale.

         [X] The Notes are being offered at a fixed initial public offering
             price of 99.90% of principal amount plus accrued interest
             from April 24, 2003.

      If as Agent: the Notes are being offered at a fixed initial public
      offering price of ___% of Principal Amount.

Other Provisions:

         Zions Bancorporation intends to apply to list the notes on the New York
Stock Exchange and, assuming the notes are approved for listing by the New York
Stock Exchange, expects trading in the notes to begin within 30 days after the
Settlement Date.

         The aggregate principal amount of the series of notes offered by this
pricing supplement is up to $65,000,000. Zions Investment Securities, Inc. will
use its reasonable best efforts to solicit purchases of the notes. However, we
cannot assure you that we will issue the entire $65,000,000 and we may issue
substantially less than that amount. Zions Bancorporation may from time to time,
without the consent of the existing holders of the notes, create and issue
further notes having the same terms and conditions as the notes being offered
hereby in all respects, except for issue date, issue price and, if applicable,
the first payment of the interest thereon. Additional notes issued in this
manner will be consolidated with, and will form a single series with, the
previously outstanding notes.

                                  -----------

         THESE NOTES WILL NOT BE SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS
OF ANY BANK OR NON-BANK SUBSIDIARY OF OURS AND ARE NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

         NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER REGULATORY
BODY HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY
OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.

         Zions Bancorporation may use this pricing supplement in the initial
sale of any note. In addition, Zions Investment Securities, Inc. or any other
affiliate of Zions Bancorporation may use this pricing supplement in a
market-making transaction in any note after its initial sale. UNLESS ZIONS
BANCORPORATION OR ITS AGENT INFORMS THE PURCHASER OTHERWISE IN THE CONFIRMATION
OF SALE, THIS PRICING SUPPLEMENT IS BEING USED IN A MARKET-MAKING TRANSACTION.

                        ZIONS INVESTMENT SECURITIES, INC.

                                   -----------


Stated Maturity: April 15, 2005

Interest Payment Dates: January 15, April 15, July 15 and October 15, commencing
        July 15, 2003.

Interest Rate Basis:

   [ ]  CD Rate:                           [ ]  EURIBOR
   [ ]  Prime Rate:                        [ ]  Treasury Rate
   [ ]  Commercial Paper Rate:             [ ]  Federal Funds Rate
   [ ]  LIBOR:  (Reuters Page____)         [ ]  Other:___________
   [X]  LIBOR (Telerate Page 3750)

Index Currency:  U.S. Dollars               Index Maturity:  3 months

Initial Interest Rate: 1.82%

Maximum/Minimum Interest Rate:  None

Interest Reset Period and Dates:  Quarterly; January 15, April 15, July 15 and
                                  October 15

Spread (+/-):  +.50                         Spread Multiplier: None

Rate of interest on any overdue principal, premium and/or interest: applicable
quarterly Interest Rate

Redemption:
   [ ] The Notes cannot be redeemed prior to the Stated Maturity.
   [X] The Notes may be redeemed prior to the Stated Maturity.
          Redemption  Commencement  Date:  April 15, 2004;  the notes may be
          redeemed in whole,  and not in part,  on the  Redemption  Commencement
          Date and on each  Interest  Reset Date  subsequent  to the  Redemption
          Commencement  Date.  If Zions  Bancorporation  exercises  an option to
          redeem any of the notes, Zions Bancorporation will give to the trustee
          and the holder written  notice of the principal  amount of notes to be
          redeemed,  not less than 10  business  days nor more than 60  calendar
          days before the applicable redemption date.
          Redemption Price: 100%

Optional Repayment:
   [X] The Notes cannot be repaid prior to the Stated Maturity.
   [ ] The Notes can be repaid prior to the Stated Maturity at the option of the
       holder of the Notes.

Authorized Denomination:
   [X] $1,000 and integral multiples of $1,000 in excess thereof
   [ ] Other:

Original Issue Discount:       [ ]  Yes   [X]  No
      Total Amount of OID: N/A
      Yield to Maturity: N/A
      Initial Accrual Period: N/A

Defeasance:
      Full Defeasance:         [ ]  Yes   [X] No
      Covenant Defeasance:     [ ]  Yes   [X] No

Sinking Fund: [ ] Yes   [X] No

Form:  [X] Book-Entry   [ ] Certificated